Which of the following statements about the financial planning process are true? Check all that apply.
1. Management must monitor operations after implementing a financial plan to detect deviations from the plan and adjust accordingly.
2. A firm's performance based compensation system should be focused on an employee's ability to create short-run profits because this will ultimately keeps the firm's stock price highest.
3. Once the forecasted financial statements are completed, the firm must determine how much capital it will need to support these plans.